All we try to do is buy a dollar for 40 cents.

The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.

Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him.

We always look at the margin of safety in the balance sheet and then worry about the business.

I try to keep in mind Oscar Wilde's comment that "saints always have a past and sinners always have a future," so no investment should be ruled out simply on the basis of past history. We focus on liquidation analysis and liquidation analysis alone.

One of the dangers about net-net investing is that if you buy a net-net that begins to lose money your net-net goes down and your capacity to be able to make a profit becomes less secure. So the trick is not necessarily to predict what the earnings are going to be but to have a clear conviction that the company isn't going bust and that your margin of safety will remain intact over time.

The share price must be less than book value. Preferably it will be less than net working capital less long term debt.